The US House of Representatives enacted a bill titled the American Rescues Plan Act of 2021 H.R.H.R. 1319 that consisted of COVID- 19 relief package that was worth $1.9 trillion. The package consists of the $1400 stimulus checks for individuals and billions of money in aids of small businesses that are affected by the pandemic (Drew, 2021) . In addition, the bill has extended the $ 300 weekly supplement unemployment checks from March 14, 2021, to August 29, 2021, and boosted the federal supplement to $400 weekly. The government also reduced taxes to the business and employees to cut their cost of operation. However, this regulation has impacted various stakeholders such as the government, businesses, and foreigners.
The passing of the American Rescues Plan Act of 2021 has significantly affected the U.S. federal government's financial budget. The 2021 deficit is estimated to be about $2.1 trillion, with an estimated national debt of about $378 billion. The bill was part of the measures by the government to stabilize the economy. However, most of the budget money went to mandatory expenditures such as social security and supplemental checks and COVID-19 relief packages. The government, therefore, has to borrow money to offset its budget hence leading to a rise in national debt. However, despite the negative impact of the American Rescues Plan Act of 2021 H.R.H.R. 1319, the bill has impacted business, media, and citizens positively.
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The business people, especially restaurants and bars, benefited from the American Rescues Plan Act of 2021 H.R.H.R. 1319 that got a $25 billion Restaurant Revitalization Fund that would boost business. The food services sector was highly affected by the pandemic as most people were forced to stay due to social distance restrictions enacted by the government. The government disbursed about $662 billion for forgivable loans that were supposed to be issued over three iterations over 11 months. This was supposed to give time for the business to recover financially. Any accrued penalty on loans not paid within those 11 months was forgiven, which allowed the business to pay only the principal amount and the interest as earlier agreed with the lenders.
On the other hand, citizens benefited from the bill in that the $300 federal supplement that was issued weekly was extended. Also, the Act provided various tax provisions, including the $2800 for those married taxpayers that file their taxes jointly and about $1400 for every dependent taxpayer that filed their returns in the year 2021 (Maag & Werne, 2020) . The media also benefited from the plan. In this case, media houses would benefit from the Paycheck Protection programs and were eligible to receive grants and funding that would help them counter the economic slowdowns that were affecting them.
References
Drew, J. (2021, February 27). House passes a $1.9 trillion stimulus bill with a variety of slight business relief. Journal of Accountancy . https://www.journalofaccountancy.com/news/2021/feb/house-passes-stimulus-bill-small-business-relief.html
Maag, E., & Werne, K. (2020, March). How Additional Cash Payments Would. INCOME AND BENEFITS POLICY CENTER . https://www.urban.org/sites/default/files/publication/103943/how-additional-cash-payments-would-reduce-poverty_0.pdf
